SailingStone Backs Decision Of Turquoise Hill Special Committee To Reject Rio Tinto’s Offer

SailingStone Capital Partners, owner of Turquoise Hill Resources Ltd. (TRQ.TO,TRQ), has applauded the decision of the Turquoise Hill Special Committee to reject Rio Tinto’s offer to acquire the minorities’ stake in Turquoise Hill for C$34/share. SailingStone stated that the proposed acquisition price is nowhere near the intrinsic value of Oyu Tolgoi. Rio Tinto’s opportunistic bid did not compensate TRQ minority shareholders adequately, SailingStone noted.

“While we appreciate that Rio Tinto has certain rights, it cannot and should not preclude potentially interested parties from approaching Turquoise Hill, nor can it preclude the independent directors from considering a combination or transaction from any party which might crystalize the true value of Oyu Tolgoi. In other words, if Rio wants complete control, they can acquire it for a price. The Special Committee has determined that price is meaningfully higher than C$34/share, and we agree with that conclusion,” SailingStone said.

FBI Searches Trump’s Mar-a-Lago Home, Seizes Documents: Reports

Former President Donald Trump said that FBI raided his Mar-a-Lago resort in Palm Beach, Florida, and broke open a safe.

“These are dark times for our Nation, as my beautiful home, Mar-A-Lago in Palm Beach, Florida, is currently under siege, raided, and occupied by a large group of FBI agents,” he said in a statement Monday.

Trump, who was reportedly in New Jersey at the time the search, called it “prosecutorial misconduct, the weaponization of the justice system, and an attack by radical left Democrats.”

He said his political opponents desperately don’t want him to run for President in 2024, especially based on recent polls, and will do anything to stop Republicans and Conservatives in the upcoming Midterm Elections.

Some media outlets confirmed that FBI executed a search warrant Monday morning, saying that it was part of an investigation into Trump’s handling of classified presidential papers that he may have taken with him when he left the White House.

CNN and The Guardian reported, quoting sources familiar with the investigation, that FBI agents confiscated some documents during the search.

Trump is facing a number of investigations by the Justice Department, including on the effort to overturn the 2020 presidential election, his role in instigating the Capitol Hill riot of January 6, 2021, and a case involving the handling of classified documents.

Elbit Systems Q2 Adj. Net Income Declines

Elbit Systems Ltd. (ESLT) reported second quarter non GAAP net earnings per share of $1.73 compared to $2.11, a year ago. Non-GAAP net income attributable to shareholders was $76.9 million compared to $93.4 million, prior year.

GAAP net income attributable to shareholders was $81.2 million compared to $101.7 million, last year. GAAP earnings per share was $1.82 compared to $2.30. Revenues were $1.30 billion, flat with prior year.

Bezhalel Machlis, CEO of Elbit Systems, said, “Order backlog growth in the second quarter reflects the continued demand for Elbit Systems’ portfolio of leading technological capabilities from customers around the world and supports our future growth prospects.”

For more earnings news, earnings calendar, and earnings for stocks, visit rttnews.com.

New York Manufacturing Index Unexpectedly Indicates Contraction In August

New York manufacturing activity has unexpectedly seen a substantial contraction in the month of August, according to a report released by the Federal Reserve Bank of New York on Monday.

The New York Fed said its general business conditions index plummeted to a negative 31.3 in August from a positive 11.1 in July, with a negative reading indicating a contraction in regional manufacturing activity.

Economists had expected the index to show a much more modest decrease to a positive 8.5.

The unexpected contraction in regional manufacturing activity came as the new orders plunged to a negative 29.6 in August from a positive 6.2 in July, while the shipments index dove to a negative 24.1 from a positive 25.3.

The report showed the number of employees index also fell to 7.4 in August from 18.0 in July, although a positive reading still indicates job growth.

The prices paid index also dropped to 55.5 in August from 64.3 in July, while the prices received index inched up to 32.7 from 31.3.

Looking ahead, the New York Fed said firms did not expect much improvement in business conditions over the next six months, although the index for future business conditions rose to a positive 2.1 in August from a negative 6.2 in July.

Guest Host Desus Nice Breaks Down Trump’s Excuses on ‘Jimmy Kimmel Live’

“He says the F.B.I. planted fake evidence to frame him, and now he wants them to return the fake evidence,” Nice said. “Even O.J. is like, ‘Yo, bro, you wildin.’”

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By Trish Bendix

Pre-market Movers: CRMD, GDRX, QBTS, NVAX, VRNA…

The following are some of the stocks making big moves in Tuesday’s pre-market trading (as of 07.15 A.M. ET).

In the Green

GoodRx Holdings, Inc. (GDRX) is up over 39% at $10.82
DPCM Capital, Inc. (QBTS) is up over 36% at $13.64
Verona Pharma plc (VRNA) is up over 29% at $9.01
Lemonade, Inc. (LMND) is up over 12% at $28.26
Desktop Metal, Inc. (DM) is up over 12% at $2.91
Solo Brands, Inc. (DTC) is up over 11% at $6.14
Dynagas LNG Partners LP (DLNG) is up over 9% at $3.50
ShockWave Medical, Inc. (SWAV) is up over 8% at $240.00
Energy Vault Holdings, Inc. (NRGV) is up over 8% at $5.34
Equinox Gold Corp. (EQX) is up over 7% at $4.48

In the Red

CorMedix Inc. (CRMD) is down over 53% at $3.49
Novavax, Inc. (NVAX) is down over 31% at $39.20
Turtle Beach Corporation (HEAR) is down over 30% at $9.70
Magic Empire Global Limited (MEGL) is down over 19% at $94.69
Community Health Systems, Inc. (CYH) is down over 16% at $3
CarGurus, Inc. (CARG) is down over 15% at $21.84
3D Systems Corporation (DDD) is down over 13% at $11.40
DermTech, Inc. (DMTK) is down over 11% at $7.48
Trex Company, Inc. (TREX) is down over 10% at $57.00
PennantPark Floating Rate Capital Ltd. (PFLT) is down over 7% at $12.24
ESS Tech, Inc. (GWH) is down over 7% at $3.83
Oppenheimer Holdings Inc. (OPY) is down over 6% at $35.00